the best christmas present

[herbek]

Well good news of course but scary when I actually saw the results of the vote.

My IVA took about 5 months to get finally sorted. Few hiccups here and there mainly due to issues regarding who loans actually were with, strange but true.

I'll round the figures to make the math work easier. So here I was 50K in trouble. Divided between 8 creditors all unsecured. December 6th arrived the dreaded meeting date . Personally feeling confident. I do earn a good wage and we were talking 55p in the pound payback. I thinks that's pretty high by normal standards.

Get the phone call - approved. Wow, someone just gave me the best christmas present myself and my family could ever receive.

A week later, get the votes that were casted, ok it's approved but it gave me one last scare.

Only my 4 lowest creditors voted representing about 14K of 50K and the creditor I owed the least too voted against making me scrape through at 80%.

Now if you had asked me before the meeting if I could have put £100 on the one that I thought would voted against - I'd have won.

The scary bit is that due to low votes casted the creditor I owed the least too could have scuppered an very high payout IVA.

I certainly don't want to put anyone off by this as the feeling you get when it does get approved and suddenly their the realisation that there is light at the end of the tunnel is overwhelming but the moral here is if you can't get your big creditors to vote in yur favour then some tiny minnow could seriously wreck your proposal.

1 down - 59 to go

[mkdawn]

Congratulations on getting your iva.
There is light at the end of the tunnel.
I just got my yearly review and found that the review can be stressful too and was all for finding an unsecured loan to get me out of it but then found this forum full of great people who reminded me why i am in the iva in the firstplace and am counting the time 3years and nine months to go yayyyyyyyyy.
so stick with it and keep coming back to these forums mate because the amount of support on these forums are fantastic.
Dawn

if at first you dont succeed try again

[freelili]

congrats herbek

LILY

[Dominic]

good

[neverending]

Hi Herbek and welcome.
Your experience is not unusual as recently it has become the norm on this site for people to report that only a handful of creditors had voted.In some cases only one or two.Anyway you are on your way to a much brighter future...well done and good luck

[iva_squirrel]

Congratulations and Merry Christmas.


Kind regards,

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[aibo1358]

Well done!! My was apporoved on 21st December and I'm just waiting for all the paperwork to return so I can see the votes cast. Mine also get a 55p return as apposed to 6p for bankruptcy so felt equally confident, but still scared, but no more!!

Aibo1358